Supporting the system as a trusted partner for payments modernization

Central 1 plays an integral role in the acceleration of Payments Modernization across Canada as the largest payments processor for Canadian credit unions. We are a trusted partner, collaborator and the only one-stop-shop for all-inclusive payments services in the country. We continue to make strong progress in implementing our payments modernization strategy and further positioning the credit union system and financial services industry for growth and innovation with several partnerships, achievements and milestones.

Enabling safe, secure and efficient payments

Central 1 had a milestone year for payments modernization with the launch of Lynx, Canada’s new high-value payment system. Lynx now settles more than a billion dollars in wire payments every month for the credit union system and other financial institutions. As the Group Clearer, and one of the original participants, we seamlessly transitioned to the new system with the uninterrupted continuation of wire payments. The Group Clearer is a delivery role that Central 1 staff provide under a joint venture agreement with the Prairie Credit Union Centrals. We conducted months of testing and collaboration with other participants in the industry on behalf of credit unions in the Atlantic, Ontario, the Prairies and British Columbia.

Central 1 has also partnered with Fiserv to deliver a globally proven payments solution in the cloud. By moving the majority of our core payments processing to a third party, we are now able to deliver more efficient compliant payments processing for our clients. Implementation began in summer 2021 and carries into 2022, positioning us well to support credit unions with new SWIFT and Lynx obligations in November 2022.

We also launched the first phase of Interac e-Transfer® for Business, a collaborative effort with Vancity and First West Credit Union. Interac e-Transfer for Business enables receipt of near real-time, account routed and data-rich transactions. In 2022, we will continue to roll out this solution to our other partner financial institutions in delivery of our priority to ensure clients have access to best-in-class products.

Providing client-centric tools

Central 1 is proud to introduce new forms of support and tools to enhance the client experience. We launched a new Enterprise Fraud Management (EFM) solution to support clients’ risk management programs. This new solution uses a combination of rules, advanced analytics and machine learning to monitor, detect and prevent fraudulent transactions in real-time.

Community Engagement

Central 1 continued to evolve our client engagement experience throughout 2021. In September, we introduced the Payments Client Centre (PCC) to support our clients along their payment modernization journey. The PCC is a secure, centralized client resource that provides timely communications and access to payments resources, including information about payments modernization, implementation planning, strategic roadmap considerations and future innovation. We also established three new client committees: the PayMod Advisory Council, the PayMod Xchange Committee and the Small Credit Union Collaboration Group. Combined, these new committees ensure that our clients’ voices are helping to evolve our payments infrastructure, products, and services.

The acceleration of all-things digital is transforming payments in Canada and globally. Central 1 is well poised to support our clients in navigating the impact and opportunities of this acceleration while continuing to support safe, secure and efficient payments.

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